ZEC's brief 6% drop triggered a battle between bulls and bears, with the largest on-chain ZEC long position and the "alt short seller" both significantly increasing their holdings.

According to Mars Finance, on January 8th, Coinbob's monitoring of popular addresses showed that the price of ZEC briefly fell by 6.4%, hitting a low of $449 before rebounding to around $465. During this fluctuation, the largest long ZEC whale on Hyperliquid (0x152) briefly turned from profit to loss, then decisively added to its position near $459, adding 2486 ZEC (approximately $1.14 million) within 10 minutes. In the past 20 hours, it has accumulated a total of 9871 long positions (approximately $4.54 million). Currently, this whale holds a 10x leveraged ZEC long position, with a size of approximately $12.35 million and an average price of $463. Meanwhile, according to Coinbob monitoring, the largest ZEC short whale is still at a loss, having not recently adjusted its ZEC short position. Its current position size is approximately $17.48 million, with an average price of $419, resulting in a loss of $1.64 million (47%). Meanwhile, the "fake short seller" has been continuously increasing its ZEC short positions over the past few hours, currently holding ZEC short positions totaling $2.08 million, and is still adding to its positions.